Leslie Rouda Smith, the association’s president, joins administration officials and other housing leaders to discuss a comprehensive plan to address shortages.

Despite an unexpected jump in new construction in September, demand for new homes is falling due to high prices and mortgage rates. Builders are lowering their asks to boost buyer traffic.

Monthly mortgage payments are 60% higher than a year ago, according to NAR. Buyers can save by shopping around for different types of loans.

Borrowers stand to save thousands by gathering multiple quotes from lenders.